New BSP gov receptive to blockchain tech

Newly-appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno had expressed in the past his intent to integrate blockchain technology with government processes. This was when he was still serving as Department of Budget and Management (DBM) Secretary in the Duterte administration.

In an interview with GovInsider in November last year, then DBM Secretary Diokno bared plans to use blockchain technology in the government’s procurement process. He said that by using the blockchain system, the government will have “a secure and less expensive (platform) compared to a big data system.”

While Diokno acknowledged the merits of using this technology, he also recognized that actual implementation may be a steep climb. Since blockchain technology essentially gets rid of external controls, traditional government processes might have major difficulties in adapting to such a radically different environment.

“It affects the whole bureaucracy so it is risky,” Diokno said.

Diokno, however, maintains plans to pursue blockchain technology integration. He told GovInsider that after doing his own research, he sees it as the future for most processes including government operations. He initially planned to use it for warehousing for his department before he was moved from his post.

A career civil servant, Diokno served in various fiscal management positions including fiscal adviser to the Philippine Senate, senior adviser at the International Tax and Investment Center, and DBM Chair. He was appointed BSP governor after the death of his predecessor, Nestor Espenilla, last February 24. Whether Diokno will continue plans to utilize Blockchain technology with his new appointment remains to be seen.